Bulls Hold February Lows on Massive Rebound
U.S. markets suffered steep losses on the open but rebounded off the lows following another round of tough tariff talk. China‘s response on U.S. products worth about $50 billion renewed trade war concerns in retaliation for the U.S. tariffs on $50 billion worth of Chinese goods. Volatility spiked but settled lower as the major indexes revisited early February lows while closing higher for the session.
The Nasdaq was up 1.5% after trading to a low of 6,811 on the open before rebounding to clear and hold the 7,000 level afterwards. The Russell 2000 rallied 1.3% after testing a low of 1,491 but was able to hold 1,500 for the second-straight session.
The S&P 500 added 1.2% after bottoming at 2,573 on the opening but easily cleared and held the 2,600 level into the closing bell. The Dow gained 1% despite tapping a low of 23,523 while holding its yearly bottom of 23,360. The index easily held the 24,000 level on the rebound and it was the first time the index has finished higher after being down over 500 points intraday.
TRADE OF THE DAY
TIMING IS EVERYTHING
ANALYST UPGRADES / DOWNGRADES
Boston Beer (SAM) upgraded to Market Perform from Underperform at Cowen
EnLink Midstream Partners (ENLK) upgraded to Overweight from Neutral at JPMorgan
Transocean (RIG) upgraded to Buy from Hold at HSBC
Cloudera (CLDR) downgraded to Neutral from Overweight at JPMorgan
Domino’s Pizza (DPZ) downgraded to Hold from Buy at Deutsche Bank
ResMed (RMD) downgraded to Neutral from Buy at Citi
Before the open: Conn’s (CONN), Hooker Furniture (HOFT), Lamb Western Holdings (LW), Monsanto (MON), RPM International (RPM), Schnitzner Steel Industries (SCHN)
After the close: Finjan Holdings (FNJN), PriceSmart (PSMT), TapImmune (TPIV), WD-40 (WDFC)
UPCOMING ECONOMIC NEWS
Thursday’s economic reports (EST):
Challenge Job-Cut Report – 7:30am
Jobless Claims – 8:30am
International Trade in Goods – 8:30am
Bloomberg Consumer Comfort Index – 9:45am
METALS / OIL
Gold closed at $1,340.20 an ounce, down $2.90
Silver settled at $16.25 an ounce, down $0.14
Copper finished at $3.01 a pound, down $0.05
Crude Oil closed at $63.59 a barrel, up $0.02
Bitcoin Investment Trust (GBTC) settled at $11.12 down $1.55
Make it a great day!
QUOTE OF THE DAY